Findings from Sands & Associates’ 2024 BC Consumer Debt Study were released today, offering insights into consumer debt issues across the province. The twelfth annual study polled over 2,100 people from around British Columbia who recently made an insolvency (formal debt relief) filing, inviting individuals to share their personal insights and journey when dealing with a debt problem.

As Blair Mantin President of Sands & Associates, BC’s largest firm of Licensed Insolvency Trustees focused on consumer debt help explains, the annual study series aims to highlight the causes and effects of problem debt on British Columbians:

“Consumers are waiting longer than ever before to seek help, and as leaders in BC’s debt management sector, we feel it’s one of our key responsibilities to bring these issues – and solutions – to light.

Licensed Insolvency Trustees see firsthand how deeply financial challenges impact people, in virtually every aspect of their lives – and one of the most frustrating things is that so many consumers feel they are alone and don’t know they have resources available to help them solve these issues and move forward with their lives.”

Click here to read the full 2024 BC Consumer Debt Study report.

Click here to view and download the 2024 BC Consumer Debt Study infographic.

Key Takeaways from the 2024 BC Consumer Debt Study

• 79% of British Columbians polled in the 2024 BC Consumer Debt Study said their mental health suffered because of being in debt.
• Debt-stress resulted in: constant worry about debt (reported by 84% of consumers); anxiety (78%); poor sleep (70%); alienation from family or friends (30%).
• 72% of individuals surveyed said overwhelming stress was how they knew their debts were becoming a problem.
• 41% of survey participants waited more than 2 years before seeking help with their problem debt.
• 56% of people said credit card debt was the main type of debt they had, and the top two direct main causes of debt reported by all consumers were: overextended credit due to financial mismanagement (27%) and using credit for essential costs of living income could not cover (24%).

How British Columbians Are Accumulating Debt

Consistent with past BC Consumer Debt Study statistics, the largest cohort (36%) of 2024’s study participants had between $25,000-$49,999 of debt (excluding vehicle loans/mortgages) when they started their debt relief process, and 29% of consumers polled described their credit rating as ranging between ‘good’ to ‘excellent’ at the time of their insolvency filing.

Four of the five top-reported causes of problem debt may be connected to conditions or events outside consumers’ immediate control:

• Almost 1 in 4 people surveyed said the direct main cause of their debt was using credit for essential costs of living income could not cover (24%).
• Illness, injury or health-related problems (11%), marital or relationship breakdown (7%) and job-related issues (7%) were also direct main causes of debt identified by survey participants.
• 27% of British Columbians polled attributed the direct main cause of their debt to overextended credit due to general financial mismanagement.

Three types of debt that Licensed Insolvency Trustees often categorize as high-risk due to the costs of borrowing and likelihood of balances becoming unmanageable were highlighted in the 2024 BC Consumer Debt Study:

• Over half of individuals polled (56%) indicated credit card debt was the main type of debt they had – 4.5 times more than the next leading type of debt.
• Payday (or instalment) loans were the second-most reported (12%) type of problem debt for consumers, as well as tax debt (12%).

Most participants in the 2024 BC Consumer Debt Study (94%) said their household has been impacted by recent inflation increases:

• The largest cohort (85%) said inflation has their household now spending more on necessities such as food and gas.
• 53% of participants said their household is now spending more on shelter and utilities, and 51% said their household is no longer able to accumulate as much savings.

How Problem Debt is Affecting British Columbians

Individuals who participated in the 2024 BC Consumer Debt Study reported a devastating range of impacts from debt, affecting virtually all aspects of everyday life:

• Over 7 in 10 people surveyed (72%) said overwhelming stress was how they knew their debts were becoming a problem.
• Other top-reported signs of a debt problem that consumers identified included: Only making minimum payments (58%); seeing debt balances remain almost the same every month, despite making payments (55%).

Close to 4 in 5 people (79%) said their mental health suffered because of being in debt and 84% of individuals surveyed said they had a constant worry about debt:

• 3 in 5 of all individuals polled (60%) said their self-esteem suffered by being in debt; 78% had anxiety, 69% feelings of helplessness or hopelessness, and 61% depression because of debt stress.
• Roughly 1 in 7 people said they experienced suicidal ideation because of their debt-stress.

Nearly half (48%) of individuals polled also said being in debt caused their physical health to suffer, while close to one-third (32%) of consumers said their relationships suffered as a result of being in debt, and 29% said they had to put life events on hold being in debt.

What Consumers Did to Solve Problem Debt

Prior to seeking professional debt help from a Licensed Insolvency Trustee, consumers attempted to manage their debt with a range of actions, including many that required additional borrowing:

• Over 1 in 3 people surveyed (34%) tried to deal with their debts by applying to extend credit limits on existing debts.
• 26% of individuals said they applied for consolidation financing, while 25% used payday or instalment loans, and 5% asked family or friends to co-sign a consolidation loan.
  • Over a third (33%) said they borrowed from family or friends to make debt payments.
• 10% of British Columbians polled said they attempted to deal with their debt by working with a credit counsellor, and 7% by working with a debt repayment agent.

Individuals who recently made a formal insolvency (debt relief) filing were surveyed for the 2024 BC Consumer Debt Study, with 85% of respondents who ultimately reorganized their debts using a Consumer Proposal, and 15% who sought debt forgiveness through Personal Bankruptcy, reflecting that debt relief for consumers has changed remarkably, with Consumer Proposals now far outpacing bankruptcies as the debt solution of choice.

Why People Are Waiting to Seek Debt Help

Only 6% of consumers polled in the 2024 BC Consumer Debt Study said they sought help as soon as they knew they had a problem, and sadly the largest portion of individuals (41%) waited for more than 2 years before seeking help – a 51% increase since the 2018 BC Consumer Debt Study.

• Most survey participants (62%) say they waited to seek professional debt help because they wanted to manage debt on their own.
• More than half of consumers polled (54% and 51% respectively) said they waited because they felt ashamed they couldn’t handle the debts they incurred or were embarrassed to ask for help.

Misinformation remains a significant issue in reaching individuals to offer support and solutions:

• Over 1 in 4 BC consumers surveyed (27%) say they delayed seeking help for their debts because they didn’t know where to seek help and 15% said they delayed because they had misinformation about how the Consumer Proposal and/or Bankruptcy process worked.
• Nearly a third of people (32%) said they waited to seek professional debt help because they thought there was no solution to their situation.

How Insolvency Has Influenced Financial Outlooks

Over 90% of the individuals polled in the 2024 BC Consumer Debt Study expressed satisfaction with their choice to file a Consumer Proposal or Personal Bankruptcy to deal with their debts, and most individuals say that their experience receiving professional debt help also improved their finances and overall financial literacy:

• Two-thirds of survey respondents (67%) said getting professional debt help allowed them to improve their budgeting and/or savings skills.
• More than half of individuals polled (55% and 53% respectively) say they are now more confident in day-to-day financial management and have a better understanding about credit and borrowing.

Click here to read the full 2024 BC Consumer Debt Study report.

Click here to view and download the 2024 BC Consumer Debt Study infographic.

View the BC Consumer Debt Study series here.

For further details about BC Consumer Debt Studies or media inquiries contact Sands & Associates President Blair Mantin.

About Sands & Associates and the BC Consumer Debt Study Series

Since founding in 1990 Sands & Associates has grown to become a leader in BC’s debt help industry, now the province’s largest firm of Licensed Insolvency Trustees dedicated to debt services for consumers and small business owners. Sands & Associates’ “debt smart with heart” approach is at the core of our award-winning service, and we believe this is crucial to providing support to individuals in need.

It is our goal to promote open, honest conversations and increase awareness and support for consumers experiencing financial challenges and the BC Consumer Debt Study series offers a unique opportunity for understanding these deeply personal and often private struggles.

You are not alone in dealing with a debt problem, and you have options to clear debt and move forward with a financial fresh start. Connect with a local Sands & Associates expert today to take back control of your finances – book your free, non-judgmental debt consultation now.

The post Consumers Delay Seeking Debt Help Despite Drain on Mental Health – Latest BC Consumer Debt Study appeared first on Sands & Associates.

Read on to learn some of the ways being debt-free can change your life, and hear some expert tips to help you get there faster. As Canada’s only licensed debt experts, Licensed Insolvency Trustees help people every day who are looking for debt solutions, and we see many positive changes in our clients once they make the decision to take back control of their debt.

How Is Life Different, Debt-Free?

People often say that knowing what they do now, they wish they hadn’t waited so long to take charge and get help with their debt. Money isn’t the only thing that improves when you’re debt-free – your overall wellbeing can benefit too, including:

• The weight of debt-stress and worries or anxieties about your debt is lifted.
• You can stop feeling as though you are being controlled by your debt payments or creditors.
• Having dealt with your debt for good allows you to stop holding space for the debt and instead have space for your future, in your thoughts, plans and finances.
  • It’s almost impossible to think about your future goals when you’re juggling the financial pressures of daily life plus trying to manage high debt payments.
  • Taking debt out of the equation when you’re budgeting can hugely improve your cash-flow and make goals feel a lot more attainable.
  • Picture what even an extra few (if not several!) hundred dollars could do for you a month.
    • 30% of clients previously polled said being debt had previously caused them to put life events on hold.

Facing overwhelming debt can impact people in many negative ways, affecting our physical, emotional, and mental health, and even our relationships with other – and it can be very difficult to see there is light at the end of the tunnel when you’re weighed down by present challenges, or past misconceptions or self-blame.

Dealing With Debt

Your debt and the situations that may have caused it do not define you and are often due to circumstances or events outside your personal control. Money problems can happen to anyone at any time, regardless of your personal finances or financial literacy and money skills.

Many people “do all the right things” and still end up struggling financially, needing help to get out of debt – there is no shame in asking for help, you owe it to yourself.

You do have a future, and you are deserving of a fresh start, with life free from debt and its overwhelming stress. Please know that you are not alone – there are many other people facing similar challenges, and better still, there are solutions and professionals here to help you.

Debt Help Services for BC Consumers

Licensed Insolvency Trustees are Canada’s only debt help practitioners who are regulated and endorsed by the federal government to provide debt help. Sands & Associates is BC’s largest firm of Licensed Insolvency Trustees focused exclusively on debt management services and support for consumers and we offer our full suite of services in-person and online for residents across BC.

• At Sands & Associates it’s important to provide our expertise and advice in a way that’s clear and actionable, and to treat people with kindness, respect, and empathy always. We appreciate that it can feel overwhelming or intimidating asking for help, especially with such a personal issue.

8 Things Canadians Should Know About Debt Relief Services

Whether you know you have a debt problem or you’re hoping to find more effective ways of paying off debt, the best place to turn for debt advice is a Licensed Insolvency Trustee. Working with a Licensed Insolvency Trustee you can count on having a free, confidential consultation where you can get accurate professional advice, and an impartial representative that will help you weigh your full range of options. No referral or special qualifiers are needed – you can simply call or connect directly.

Consumer Proposals are Canada’s number one alternative to bankruptcy and can have many advantages over other solutions like consolidation loans and credit counselling programs. For example:

• The dual advantage of cutting debt and stopping interest makes the monthly payments in a Consumer Proposal often the lowest among debt management options.
• You’ll gain breathing room and legal protection from your creditors.
• With personal one-on-one financial counselling included in the process, you’ll have the opportunity to gain more confidence in financial literacy skills, improving your ability to control and manage your daily financial affairs, as well as gaining a better understanding credit and borrowing.
  • Many people also say they are more open in discussing money matters and even sharing their financial skills and knowledge with others after their experience working with a Licensed Insolvency Trustee.

We help with debt so you can move forward with your life; whether you need a total financial fresh start, debt forgiveness and creditor protection, or reorganization and structure to pay off your debt – we’re here for you.

Ready to get working on your debt-free future? Connect with a caring local Sands & Associates debt expert.

The post The Debt-Free Difference appeared first on Sands & Associates.

From strained mental health, to fractured relationships and more – the toll of debt is often much more than a financial one, and despite these overwhelming impacts of dealing with problem debt, only 5% of people polled in the 2022 BC Consumer Debt Study said they sought help right away from a debt professional.

BC Licensed Insolvency Trustee Blair Mantin, President of Sands & Associates, says “You owe it to yourself to seek debt help,” and suggests that more open conversations and access to non-judgmental support are key to removing hurdles for people who may be struggling with debt and its devastating impacts.

Does Debt Impact Mental Health? Latest BC Consumer Debt Study Says Emotional Burden Can Be Substantial

Debt Solutions and a Financial Fresh Start

Meet Pratap, Dan, and Heidi. They each have first-hand experience in dealing with – and resolving – problem debt, and in a bid to help others seek support and solutions, spoke with Global News about some of their own personal experience in dealing with debt.

Meet Pratap and learn how his financial struggles escalated during the COVID-19 pandemic:

Meet Dan and learn about his journey through recovery and managing overwhelming debt:

Meet Heidi and learn how she overcame her financial difficulties to create new habits and healthy boundaries:

The individuals surveyed in the 2022 BC Consumer Debt Study ultimately chose to manage their debts with a legal debt relief solution, either by consolidating their debt with a Consumer Proposal or by filing personal bankruptcy. Over 90% felt satisfied, if not extremely satisfied by their choice, and expressed positive outcomes from their decision to get professional debt help, including:

• Over 7 in 10 people said their experience receiving professional debt help allowed them to improve their budgeting and/or savings skills, and 57% reported being more confident in day-to-day financial management because of their experience.
• 53% of participants said they have a better understanding about credit and borrowing.
• 39% said they are more open in discussing finances and general money matters with others.

Get Debt Help Today – You Owe it to Yourself 

If you are struggling with debt, know that you are not alone, and that there are solutions to help you live your best life – without debt.

To explore your legal and informal options for dealing with debt, and get trustworthy advice, a Licensed Insolvency Trustee is the right professional to help you.

• Licensed Insolvency Trustees are Canada’s only fully regulated and endorsed debt help experts, empowered to serve Canadians with a range of debt management services.
• You do not need to be dealing with an extreme situation to seek support from a Licensed Insolvency Trustee, and BC consumers can request a free confidential consultation with Sands & Associates by phone or video, or in person from a local office.

Move forward with confidence and optimism for what the future holds. Book your free, non-judgmental debt consultation today – you owe it to yourself to get debt help.

The post Dealing with Debt – Global News Features Real Stories from BC Consumers appeared first on Sands & Associates.

Sands & Associates Licensed Insolvency Trustee Blair Mantin joined BT Vancouver to talk about one of the biggest impacts consumers feel with a financial problem, when debts are piling up – debt-stress – and to share insights to help British Columbians manage the emotional side of money.

Watch the clip here and read more below:

Common Debt-Stress Impacts

Debt-stress can manifest itself severely, and in fact ‘overwhelming stress’ was one of the top indicators for participants in the 2019 BC Consumer Debt Study to realize that their debt was becoming a problem. Additionally, the study found that:

• Nearly 90% of respondents said they experienced a constant or daily worry about their debts or general finances.
• Many people said they were sleeping poorly, having arguments with their spouse or partner about money, and alienating themselves from family or friends.
• Over 70% said their self-esteem suffered because of being in debt, and 65% said their health suffered; many also felt their family or children, and job performance suffered.
• Anxiety or depression was cited as a debt-stress impact by 77.1% of respondents.
• Nearly 1 in 5 people even said the stress of their debt resulted in them experiencing thoughts of suicide.

You are not alone! Non-judgmental support and debt solutions are available from professionals at Sands & Associates. Connect with a debt help specialist today.

Get More Insights from the 2019 BC Consumer Debt Study

Tips to Manage Debt-Stress

If you are beginning to feel stress or anxiety about your finances, one of the first things you can do to try to regain control and make positive changes is to:

1. Identify and Acknowledge Your Debt Stress Triggers

Is there a specific aspect of your financial situation that is causing you worry? Some people might be stressed about a credit card balance that keeps growing, or a bill they cannot seem to pay off.

• Try to identify what specifically you are worried about and recognize what is triggering the stress for you – this also gives you some idea as to what needs to be addressed to solve the challenge.

Consider how you cope with this stress so you can be on the lookout for and avoid unhelpful (or further aggravating) coping habits. Some common areas to watch for might include:

• Are you avoiding looking at your bills? Hiding account balances from your spouse or partner?
• Turning to coping strategies like overeating, substance abuse, overspending or gambling?
• Neglecting your health or “punishing” yourself with negative self-talk or behavior?

2. Put Plans in Writing and Keep Track

Many people do not have a written personal budget or overall financial plan to refer to. Take some time today to get in “paperwork shape” and restore some feelings of control – this will help you manage your money more efficiently by avoiding the stress of “the unknown” and simply guessing. Start by:

• Listing all your debts, with account balances, account numbers and the payment requirements;
• Ensuring you have a realistic household budget that balances, and commit to sticking to it; and,
• Keeping track of your income, and your actual spending.

If you have a spouse or partner get them involved in this planning too. Many people are surprised to learn just how much their spouse has been shouldering alone when it comes to organizing the household finances; it’s important to get on the same page, and have financial goals you can work towards together.

Remember: No one is born with money management skills – these things take time to learn and understand (and often some trial and error).

Read some Frequently Asked Questions about your Spouse Filing for Bankruptcy

3. Tackle Other Financial Items One Step at a Time

As you move towards new habits, take note of other lingering financial “to do’s” that can cause anxiety. Do you have any financial-related tasks you are always meaning to get to? Common examples include:

• Overdue tax returns that should be filed;
  • Bump outstanding tax filings up your priority list – you could be missing out on benefits you are entitled to, or risking Canada Revenue Agency to prompt you to file.
• Looking into life insurance or setting up a Tax-Free Savings Account (or other retirement plans); and,
• Having a will written.

Keep track and celebrate your progress as you get these (often long-lingering) tasks completed. This will help you to keep up the momentum and sense of accomplishment.

Learn About Solutions for Having Government Debts Forgiven

4. Seek Professional Assistance

Many people prolong debt-stress and anxiety because they delay seeking professional debt advice, trying instead to manage on their own. Some other common reasons people postpone getting debt help include:

• Feeling ashamed of needing help with financial commitments;
• Worry about being judged, or feeling embarrassed to ask for help; and,
• Thinking there is no solution to their situation, or not knowing where to seek help.

Licensed Insolvency Trustees are the one debt help professional legally empowered and endorsed by the government to offer advice about your situation – and solutions to deal with debt for good. There is no cost to connect to get direction and talk about how you could move forward financially, and it could take less than an hour to get your debt-free plan.

Whether you are starting to worry about your debts, have felt underwater for some time, have a “perfect” credit score or are facing collection actions – we are here for you, without judgment.

We often have consultations with people who ultimately don’t require professional debt solutions but finding out about another avenue of debt legislation or even just professional confirmation that they’re on the right track gives them the support and tools they need to move forward financially. Knowing is not owing!

Connect with a caring Sands & Associates representative and get a plan to be debt-free today. Book your free debt consultation now.

The post Tips to Help Manage Your Debt Stress appeared first on Sands & Associates.

Senior-Vice President of Sands & Associates and Vancouver-based Licensed Insolvency Trustee Blair Mantin joined Breakfast Television to offer some tips for people who are trying to deal with their credit card debt, as well as highlight some pitfalls consumers should watch out for.

Watch the clip here and read more below:

Managing Your Credit Card Debt

1. Always Pay More than the Minimum Payment Required

If you’re not paying off your credit card in full each month you’ll be accruing interest charges, with only a portion of your monthly payment going towards the principal amount you’ve borrowed. Paying only the minimum monthly payments required to keep your credit card debt serviced means (thanks to those interest amounts) even a small balance can take years and sometimes decades to pay off.

Scrutinize your budget to see how much more you can reasonably afford to pay each month. Only being able to make minimum payments (or slightly more) can be a sign of a debt problem escalating; if you’re far from being able to make real progress with meaningful payments it may be time to look into other options for dealing with the debt and ending the “never ever” cycle of minimum payments.

Tip: Check the back of your monthly credit card statement to look at the breakdown of how long it will take you to reach a $0 balance if you only make minimum monthly payments – you may be surprised at just how long it can take and find motivation to make extra payments if possible.

Not All Debts are Created Equal – Learn More

2. Take a Break from Using Your Cards

Continuously using your credit card for new purchases is a cycle that needs be stopped in order to pay off the debt for good. Check your credit card statements regularly if you find yourself continuing to use your credit card to try to pinpoint what might be putting you overbudget.

Regular reliance on cash advances, payday loans or using credit to bridge the gap between wages and cost of living (including debt payments) is a sure sign of a debt problem coming to a head and it’s best to get advice from a Licensed Insolvency Trustee as soon as possible to stop the debt cycle from escalating.

Tip: Try curbing the temptation to overspend by carrying cash for day-to-day purchases – you may find yourself more hesitant to spend if you can physically see your money. If you are going to use your credit card, only do so for purchases that you already have the cash for so you can pay the new balance off right away and avoid interest charges.

3. Focus on the Interest Charges

Because so much of ongoing credit card debt involves interest charges, even a 2-3% drop in your interest rate can help you in paying off your credit card debt sooner. If your balance is reasonably low and you’ve never missed any payments, consider contacting your lender to ask if they can give you a better rate, or even whether it makes sense to transfer the balance to another card.

If you have multiple credit cards, once you’ve reduced your interest rates as much as possible, you will want to focus on paying off the credit card with the highest rate first. While continuing to make your minimum monthly payments across all credit cards, add the extra money in your budget to that highest interest rate card’s payments – once it’s paid off, move those additional payments to the next one.

Tip: Debt consolidation financing generally offers a better interest rate than credit cards and can reduce your costs of carrying the debt, but avoid the temptation to take out more than what you need if it’s offered to you as a line of credit. Be aware that if you’re already overextended, don’t have an “ideal” credit score or an asset to pledge, bank-funded consolidation can be difficult to qualify for.

3 Types of Debt Consolidation – Learn More

4. Know Where to Get Debt Help

Many people try to pay off debts on their own and it can feel discouraging if your efforts aren’t showing progress. It’s important to know that there are non-judgmental professionals with legal solutions that can help you attain your debt-free goals. Licensed Insolvency Trustees are the debt help professionals regulated and endorsed by the federal government to help people manage their debts, using a few different solutions.

For example, a Consumer Proposal is an option that allows you to consolidate virtually all your debts without borrowing and interest charges, repaying the portion you can afford – the unpaid balances are forgiven by your creditors.

Tip: Licensed Insolvency Trustees help people with a range of credit scores and situations – there is no need to be facing a crisis to seek their advice. It takes less than an hour to discuss your situation with a local professional to assess your options and get a plan to be debt-free – and there’s no cost to do so.

Book your confidential free debt consultation today to learn more about how to deal with credit card and other consumer debts and connect with a local BC Licensed Insolvency Trustee.

The post Tips for Dealing with Credit Card Debt appeared first on Sands & Associates.

If you are struggling with debt, know that you are not alone – there are solutions and professionals that can help you get out of debt.

Since 1990 Sands & Associates has helped people break free from the stress of debt, to move forward with their lives and goals. We are proud to support people as they take charge of their financial challenges, and are grateful for those who have shared their stories of overcoming those same obstacles, in the hope that they may inspire someone facing a similar situation to take action.

Meet Jessica and watch her tell her debt-free success story, unscripted and in her own words.

Read more about Jessica’s story:

Jessica’s introduction to credit began at the age of 18, starting with her very first credit card offer. When she was extended even more credit in addition to her student loan, a personal loan and daily costs of living, her debt began to get out of control.

“I took it, thinking it would be a good thing, thinking I could build my credit…

Initially she considered debt a normalcy of life, especially for a young adult, but she eventually became caught in a worrying and nagging pattern. “I would make a couple of decent payments on a credit card and something would come up (like the brakes on my car would go), or just something unexpected and everything would go downhill again.”

“I went to school, I got a job…and I had a career, so I didn’t see what was really wrong. I think I’m doing everything properly, but my debt was just outweighing all of it.”

Determined to persevere, Jessica often worked every day of the week, most days at two different jobs, just to make her minimum payments. “I would wake up in the middle of the night thinking about my bills, thinking about how much am I gonna get paid…if there was another job I could pick up to make ends meet.” Her debts had become all-consuming, causing her to lose sleep and embarrassment about her finances led to her avoiding contact with other people, or even opening her mail.

“I just kept thinking I would get on top of it when I got my tax return, or I got a raise at work or when I started picking up extra shifts.”

Like many people, Jessica struggled to manage her debts on her own for years before making the decision to reach out for help. “…I wasn’t sure I could pay my rent…I wasn’t sure if my car payments would bounce, so that’s when I started looking for help. It took me three years to actually pull the trigger and make the call… I decided I need to do something now or I will be stuck forever.”

Learn about 3 Types of Debt Consolidation in Canada

Finding out that there was help, she met with Sands & Associates, leaving the office with a plan of action that gave her a sense of comfort and relief: “I felt like everything was going to change for me for the better and I could finally just relax and trust that I was in good hands.” She credits now having the right tools and resources for giving her a plan for the future.

“…someone with 53 thousand debt could actually have a light at the end of the tunnel…to pay it all off in 5 years, when I thought it would take me until I was maybe 65… I feel like a million bucks.”

Connect with a caring Sands & Associates debt expert – book your free debt consultation today.

How Can Debt Counselling Help Me?

Many people are surprised to learn that there are legal solutions and debt counselling options in addition to bankruptcy that can help to settle and write-off debt. When you work with a Licensed Insolvency Trustee to make a Consumer Proposal to consolidate your debt (or to file a personal bankruptcy), you’ll have support from a trained non-judgmental debt advisor throughout the process. Some of the benefits you may gain from these debt counselling processes include:

• A free assessment of and advice about your debts and options you can pursue to better manage them from a qualified debt expert;
• Settling virtually all types of debts, from credit cards to student loans to tax debt and more;
• Relief from interest charges and unmanageable monthly payments with a debt settlement plan tailored to your specific situation;
• Protecting your assets that may otherwise be at risk from creditors pursuing legal action;
• A representative that will step into your shoes and handle inquiries from your creditors and stop collection calls, texts and letters;
• Financial counselling sessions with a caring qualified professional that will give you tools and techniques for credit use and ratings, budgeting, savings and goal setting;
• The opportunity to become debt-free and gain a financial fresh start.

Consumer Proposals are the number one alternative to personal bankruptcy in Canada. Meet with a Licensed Insolvency Trustee to learn more about whether a Consumer Proposal could be your best debt solution.

Ready to get started? Your debt-free future is waiting. Book your free debt consultation now.

The post Meet Jessica, Hear her Debt-Free Success Story appeared first on Sands & Associates.

Debt stress can be overwhelming – but you are not alone, we are here to help you find a better way to move forward towards a debt-free future.

Since 1990 Sands & Associates has helped thousands of people across BC get a financial fresh start and a future free from the worry and stress of debt. We are proud to play a non-judgmental and supportive role in helping our clients move forward with their lives and are grateful for those who choose to share their stories, in the hopes that they may offer encouragement and support to someone else facing similar circumstances.

Meet Tammy and watch her tell her debt-free success story, unscripted and in her own words.

Read more about Tammy’s story:

Tammy was managing on a narrow budget as a single Mom raising her son on her own, but when her employer’s company changed hands and she lost her job, debt began to take root in her daily life. After a period of having her income reduced to EI benefits, Tammy did find work, but the decreased income left the strained family finances suffering.

“…starting off at minimum wage again…it hurts because you’re taking such a pay cut…”

“It was very difficult to keep up with payments and bills, my rent especially, that was the hardest one because the rent is so expensive in BC.” As Tammy tried to keep a handle on her finances bill collectors began calling and she was caught in the trap of credit cards and payday loans “…repaying them back to borrow again…”

Battling the relentless demands of her debts, the emotional drain and constant stress and embarrassment left Tammy feeling alone, “I would get two steps ahead and something else would happen and I’d be another three steps back, it felt like I was taking more steps back than I was forward.”

Tammy’s biggest worry was that she wouldn’t be able to care for her son. She describes an incident that triggered her drive for change the most: “…I literally could not buy my son anything for Christmas. That was the worst feeling of my life.”

“I tried my hardest to try to hide it from my son, but he knew something was up because I wasn’t myself….”

Learn the 4 Debt Help Resources Everyone Should Know About

Struggling with feelings of failure, but realizing she was “on a never-ending debt payment system that just didn’t work”, Tammy pushed past the habit of independence that made her shy about asking for help. Despite her nervousness, she sat down with Sands & Associates. “I didn’t feel like I was alone anymore. I had somebody in my corner helping me…” Learning that she could conquer her debt without filing bankruptcy left Tammy feeling energized…and finally stress-free.

“…I just kept taking those steps forward… Life just rolls, and we have to know how to deal with it.”

Connect with a caring Sands & Associates debt expert – book your free debt consultation today.

What kind of debt can a Licensed Insolvency Trustee help with?

Licensed Insolvency Trustees are the one debt professional endorsed and legally empowered by the Canadian federal government to offer solutions that can help individuals manage virtually all types of debts. Whether you choose a Consumer Proposal or even a personal bankruptcy to consolidate and cut debt, working with a Licensed Insolvency Trustee gives you options that can help you deal with debts from:

• Credit cards, overdrafts and lines of credit;
• Payday loans and cash advances;
• Debt consolidation loans from a bank or other financial institution;
• Mortgage or vehicle shortfalls;
• Income tax, GST and other Canada Revenue Agency debts, and their interest and penalties;
• Student loans, whether they are private, federal or provincial;
• ICBC and MSP;
• Personal loans and guarantees;
• Debts incurred while owning your own business.

Tailored to your individual needs and circumstances, a Consumer Proposal can serve to successfully consolidate your debts and cut the amount you need to repay down to what you can afford, with the remaining balance being written-off and forgiven by your creditors – your debts may be reduced by as much as 80% and future interest charges will be stopped permanently.

If you find yourself unable to make any future payments on your debt, a Licensed Insolvency Trustee can also provide bankruptcy services and a personal (or business) bankruptcy can have these debts forgiven.

Meet with a Licensed Insolvency Trustee to find out how we can help you move forward.

Ready to get started? Your debt-free future is waiting. Book your free debt consultation now.

The post Meet Tammy, Hear her Debt-Free Success Story appeared first on Sands & Associates.

At the age of 27 Suzanne was re-entering the workforce after being the primary at-home caregiver for her two very young children, recently divorced and struggling to manage over $25,000 of credit card debt that had accumulated during her marriage. She felt like her financial situation was spiraling out of control and was losing sleep from the stress, not knowing what to do.

Suzanne was anxious, worried about admitting to anyone that she was in over her head: “It was about nine months before I said something – I was scared to because of the stigma, even though I really had a big problem.” Finally, Suzanne opened up about the overwhelming stress her debts were causing to a new co-worker who immediately recommended she talk with a Licensed Insolvency Trustee at Sands & Associates.

“I can’t even tell you how much courage it takes to be vulnerable. I would have been there for years if it wasn’t for that co-worker telling me where to get help.”

Before going through bankruptcy herself, Suzanne says she didn’t know anyone who had filed bankruptcy. She recalls feeling worried that she would “be destroyed” and would never recover financially, and later being surprised as how quick the process was, how little it cost – and most importantly how “the stress just disappeared immediately”.

Watch Real Stories from Sands & Associates Clients Here

She credits bankruptcy with positively impacting her, giving her the skills to navigate a major career change and start her own business, manage credit and avoid pitfalls – and says she found it easy to move on and get new credit after the process was finished. “It’s endless when I think about the amount of things I was taught by the process,” she shares, “It’s a one-time thing and you need to learn from that.”

Suzanne says getting the knowledge about how to manage debts and finances properly is a missing piece of financial literacy for most people that is key, noting that she often feels people aren’t able to answer: “Who would you call if you were in a situation of not being able to pay your bills?”

“There’s a way out of it and through it, you need help getting through difficult times – Sands & Associates is your partner in getting through them. You are being completely responsible by taking these steps, you just need help.”

Now working in the financial sector helping people manage and prepare for key life events, Suzanne sees how many consumers are stuck in difficult financial situations they can’t move forward from on their own. She says it’s important for her to pay it forward by sharing her story, “giving back what you’ve learned”.

Sands & Associates is proud to help people get a financial fresh start free from debt, and we are honoured by our past clients who ask to share their stories in the hopes that they may offer support to someone else facing a similar situation. 

If you are feeling the stress of debt, know that you are not alone – we’re here to help you. Connect with a caring, non-judgmental Sands & Associates representative in a local office today.

How do I declare bankruptcy in BC? 

The first step in BC’s bankruptcy process is to meet with a Licensed Insolvency Trustee or Insolvency Estate Manager at Sands & Associates. A qualified local debt advisor will sit down with you to understand the challenges that you’re having and talk about the solutions available to help you become debt-free and get back on track.

If you decide that bankruptcy is the best solution for your situation we’ll work with you through the entire process, which normally takes nine months to complete once officially started. We will prepare the necessary documents, deal with your creditors and offer additional support along the way.

There are many myths and misconceptions about bankruptcy laws. It’s important to know that in Canada only a Licensed Insolvency Trustee is legally endorsed and authorized to provide you with bankruptcy help. Some other key facts to be aware of are:

• You do not need permission from your creditors to file bankruptcy;
• Creditors will be prohibited from contacting or harassing you;
  • Wage garnishments, bank account freezes or collection agency actions will be stopped
• Bankruptcy can result in forgiveness for virtually all your debts, including government debts from income taxes and student loans;
• Most people keep all their assets when they file bankruptcy;
• With the right steps, it is often possible to establish new credit within two or three years of completing your nine-month bankruptcy. 

Learn about your options for dealing with debt including personal bankruptcy, debt consolidation, Consumer Proposals and more. Book your confidential free debt consultation with a friendly Sands & Associates debt expert now.

The post Bankruptcy Success Story: Meet Suzanne appeared first on Sands & Associates.

You are not alone in your financial struggles, and we’re here to help.

Since 1990 Sands & Associates has helped thousands of people in BC who were struggling under the pressure of debt. We are proud to be able to support our clients without judgment as they take charge and move towards a positive, debt-free financial future, and greatly appreciate those who have decided to share their stories in the hopes that they offer support to another person who may be facing a similar situation.

Meet Peter and watch him tell his debt-free success story, unscripted and in his own words.

Read more about Peter’s story:

Peter’s story could be familiar to many people across the province. He enjoyed success as a contractor in the Okanagan for a number of years before the economic downturn in 2008. His customers then struggled to pay their bills, leaving Peter’s business desperately short of cash. Feeling he had responsibility to his own tradespeople and vendors, his financial challenges started.

“…it took a financial toll on me in that I had to use personal savings in order to make sure everyone was paid and taken care of.”

A combination of life events, including the eventual loss of his business and breakdown of his marriage brought Peter to the decision to move to the lower mainland in order to keep working, juggling debts of just under $100,000. Despite his diligent efforts, including working three jobs, he found himself unable to make enough money to cover his living expenses and became completely overwhelmed.

“I had no idea how stressful the situations would be…how it makes you react…not sleep, not eat…it just becomes a very desperate life situation…” Peter describes this period as being the lowest point in his life, filled with sleepless nights, anxiety and overwhelming stress.

“I didn’t want to be around anymore. I didn’t want to be a burden to people, I felt that I was.”

Realizing he needed to figure out his next steps and coming to the ultimate decision to somehow make a better life, he decided to talk to Sands & Associates. “For me that was the beginning of turning around my life…knowing that there were options that I didn’t feel were there before.”

Learn more about Consumer Proposals

Feeling as though he had “a new beginning coming”, and a path to move forward, he worked with Sands & Associates on a financial plan that would allow him to regain control of his life. The daily worry, desperation and pressures he coped with for so long are behind him: “In a short three years I’ve gone from being $100,000 in debt to almost the same amount of money in the bank…within the next six months I’ll be buying a home.”

“…it allowed me to concentrate on other things in my life as well and working on making my stability, not just financially but mentally, physically…”

Looking back even now, Peter says he still wonders “where things went sideways…what I could have done differently…and there’s not a lot.”

He decided to share his own story, with the goal of giving comfort and hope to someone else who might be struggling: “…if all it does is change one person’s then to me that is a good thing, because it changed my life.”

“I still have lots of life to live and I’m enjoying every bit…”

Connect with a caring Sands & Associates debt expert – book your free debt consultation today.

What kind of debt help is available to me?

Many people worry that no solution exists to help them deal with a debt problem – fortunately you DO have options when it comes to debt help. Licensed Insolvency Trustees are the one debt professional endorsed and empowered by the federal government to offer you debt help that can protect you from creditors and get you back on track.

When you meet with a Licensed Insolvency Trustee, we will work to understand your situation and the reasons you are seeking help. Some people are seeking a debt consolidation option to streamline their debt repayment, others may be looking for a way to have all of their debts forgiven – whatever your goal, we can help you find the solution that makes the most sense for your needs. Some of the debt help options that we will review with you include:

• Debt consolidation loans;
• Consumer Proposals to consolidate and cut debts down to what you can afford to repay, interest-free;
• Credit counselling and other debt management plans;
• Personal bankruptcy and business bankruptcy if you are unable to maintain debt payments.

Licensed Insolvency Trustees like Sands & Associates can help you learn about your debt options regardless of your credit score or income – we understand that money problems can happen to anyone at anytime.

Ready to get started? Your debt-free future is waiting. Book your free debt consultation now.

The post Meet Peter, Hear his Debt-Free Success Story appeared first on Sands & Associates.

If you are feeling the strain or stress of debt, know that you are not alone and that help is available.

Since 1990 Sands & Associates has helped thousands of people in BC become debt-free and get a financial fresh start so they could move forward without debt. We are proud to help people regain control of their lives and are honored by those who choose to share their stories in the hopes that they may give hope to other people in similar situations.

Meet Ian and watch him tell his debt-free success story, unscripted and in his own words.

Read more about Ian’s story:

As a young man in the Canadian armed forces, Ian had a small loan of a thousand dollars that he could manage. When he left the army and wasn’t finding sufficient work, he started to struggle to pay off the loan. This is where Ian’s 25-year cycle of debt began.

Ian was stuck, being able to make payments towards his bills but at a huge proportion of his wages and seeing little progress on paying down the balances. The situation reached a critical point three years ago after Ian lost his job and found himself scared, panicked and stressed over his growing consumer debt and back rent coming due.

“I thought I had another decent job and that one disappears and then…the spiral begins again.”

As Ian’s financial pressures continued to mount, so did his creditor’s actions. He received collection letters and threats from lawyers who were contacting him: “I thought OK, I can fix this myself…I can go get some decent work, but it was too late.”

Ian began losing sleep and shutting out friends to avoid letting them know what was happening in his life. His situation brought him to a dark place; sinking into depression and anxiety, the guilt of being unable to repay his financial commitments weighed heavily on him.

Feeling as though he had exhausted his resources and done all he could on his own, he reached out to Sands & Associates.

Learn more about Getting Debt Advice

Ian recalls feeling elated when he learned about the help and choices available to him, including an option that would allow him to avoid bankruptcy. “You go in there thinking my situation’s different, there’s nothing you can do. They suddenly show you the options and you feel like ‘wow’…there’s a lot I don’t know.”

“Once you have the knowledge and where you can go with it, a big weight lifted off my soul.”

Following what he describes as an “eye opening” experience, the weight of Ian’s struggle was finally lifted by his decision to work with Sands & Associates to consolidate his debts by filing a Consumer Proposal. The process was one that Ian says made him feel “not only a client but a team member” and that they were working together to brighten his future.

Ian remarks: “For the first time in a very long time it actually looks like I’ve got a great future ahead of me. I’ve got a great job…I get to work on my dream project (a comic book I’m pitching)… Life is absolutely fantastic and it’s because I’ve got a giant weight off my shoulders.”

“I wish I’d gone to Sands & Associates much sooner. In this world you really can’t handle it all, all the time. You need to reach out for help…”

Connect with a caring Sands & Associates debt expert – book your free debt consultation today.

How do I file a Consumer Proposal?

The first step in the Consumer Proposal process is to meet with a Licensed Insolvency Trustee like Sands & Associates. We’ll work with you to understand your situation and goals and put together a Consumer Proposal debt consolidation to offer to your creditors that gives you a plan and clear timeline to be debt-free.

To file a Consumer Proposal you’ll work with a caring, non-judgmental Licensed Insolvency Trustee throughout the process; we’ll take care of the paperwork and dealing with your creditors, you’ll simply make the payments you offer under the consolidation and there is no cost to you beyond what you are offering to your creditors.

Key Points about Consumer Proposals

• Consumer Proposals can consolidate virtually all your debts, from credit card debt to payday loans to income tax debt and more;
• Consolidated debts can be cut down to what you can afford to repay with the remaining balance being written-off by your creditors;
  • You may only need to repay as little as 20-50% of your debt, in full settlement;
• Future interest charges are automatically stopped;
• Assets you may have will be protected;
• Can be paid off early at any time without penalty;
• Your creditors are prohibited from contacting you for payment or harassing you.

Ready to get started? Your debt-free future is waiting. Book your free debt consultation now.

The post Meet Ian, Hear his Debt-Free Success Story appeared first on Sands & Associates.